If you are about to embark on the process of buying a home in Knoxville, you have probably already spent some time thinking about what your dream home looks like. How many bedrooms does it have? What style of kitchen is there? Does it have a pool or a garage? However, it is important to separate these features into what your 'wants' are and what your needs are. It is unlikely that you will find a home that checks every single box on your wishlist, so it is necessary to prioritize your needs over your wants.
Here are a few of the important considerations you need to focus on when buying a home in Knoxville and prioritizing needs over wants.
Establish Your Budget
One of the biggest influences on buying a home in Knoxville is going to be your budget. Spend some time looking at home, how much you can realistically afford to spend on your new home, and what type of house you can buy within that budget. Your budget will impact every other parameter during your search, from the size of the property to the location and the features included. Your budget needs to include not only your mortgage but also any additional costs such as taxes, maintenance, renovations, and homeowners association fees. Setting a realistic budget from the outset is going to make buying a home in Knoxville much easier as it will narrow down your options, allowing you to focus on the properties that fit your financial status.
Location, Location, Location!
Location is another important factor when buying a home in Knoxville. Where you choose to purchase your new home impacts many other aspects of your life, including your commute to work, your access to local amenities, the school your children will attend, and even your access to healthcare. It will also impact your overall lifestyle and whether or not you will enjoy a sense of community. Do you prefer a quiet, suburban setting, or are you looking for an urban hub at the city's heart? It is important to look at different neighborhoods and determine whether they are a good fit not only for your lifestyle but also for your budget.
Floor Plan & Features
This is where we really get down to separating the wants from the needs when buying a home in Knoxville. Once you have set a budget and chosen a location, you will have a shorter list of available properties to consider. Think about the style of home you prefer and the features you are looking for. Whether those features are wants or needs is going to depend on you as an individual and your lifestyle. For example, if you have a large family, the number of bedrooms is going to be non-negotiable. You need the appropriate number to accommodate your family. If you work from home, then an office may also be essential. However, things like a certain style of kitchen or a pool maybe be wants that you prefer to have, but won't be dealbreakers if you find a home that meets the rest of your needs. Kitchens and other fixtures and fittings can always be replaced down the line as long as the essentials are in place.
Look Beyond The Walls
When buying a home in Knoxville, looking beyond the four walls is important! You are purchasing the entire lot, so think about what you need in terms of your outdoor space. Are you looking for a large, secure garden for children or pets to enjoy? Or are you more of a low-maintenance terrace type of person? You may be willing to sacrifice a large yard if there are plenty of parks and hiking trails in the surrounding area. These are all things you should consider, and you need to let your realtor know about your preferences.
Good to Go or Fixer Upper?
Another key point to consider is the overall condition of the home you will purchase. Are you seeking a home in move-in condition, or are you expecting to do some renovation work? Your choice is going to circle back around to the budget considerations. Move-in ready homes are going to be more expensive to purchase, but while a fixer-upper may be cheaper initially, you will need to budget the cost of renovating. Of course, there will also be options between the two where you can move right in, but some repairs need to be done. Talk to your realtor about where your comfort level lies regarding buying a home in Knoxville that needs some improvement.
These are just a few of the important considerations when buying a home in Knoxville that will help you separate your wants and prioritize your needs.
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